Current:Home > StocksOn 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought-InfoLens
On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought
View Date:2024-12-23 11:44:28
DUBAI, United Arab Emirates (AP) — The world just took a big step toward compensating countries hit by deadly floods, heat and droughts.
Nearly all the world’s nations on Thursday finalized the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, seen as a major first-day breakthrough at this year’s U.N. climate conference. Some countries started putting in money right away — if little compared to the overall anticipated needs.
Sultan al-Jaber, the president of the COP28 climate conference in Dubai, hailed “the first decision to be adopted on day one of any COP” — and his country, the United Arab Emirates — would chip in $100 million to the fund. Other countries stepped up with big-ticket commitments, including Germany, also at $100 million.
Developing nations had long sought to address the problem of inadequate funding for responding to climate disasters caused by climate change, which hit them especially hard, and for which they have little responsibility — industrialized countries have spewed out carbon emissions that are trapping heat in the atmosphere.
But many details of the “loss and damage funds” were left unresolved, such as how large it would be, who would administer it, and more.
A recent report by the United Nations estimates that up to $387 billion will be needed annually if developing countries are to adapt to climate-driven changes.
Some activists and experts are skeptical that the fund will raise anything close to that amount. A Green Climate Fund that was first proposed at the 2009 climate talks in Copenhagen, and began raising money in 2014, hasn’t come close to its goal of $100 billion annually.
The fund will be hosted by the World Bank for the next four years and the plan is to launch it by 2024. A developing country representative will get a seat on its board.
A number of industrialized nations have insist that all countries should contribute to the fund, and the agreement will prioritize those most vulnerable to climate change — even though any climate-affected community or country is eligible.
___
Arasu reported from Bengaluru, India.
___
Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.
918 words
veryGood! (14)
Related
- South Carolina does not set a date for the next execution after requests for a holiday pause
- 3 stocks that could be big winners if Kamala Harris wins but the GOP controls Congress
- Federal authorities investigating after 'butchered' dolphin found ashore New Jersey beach
- How tough is Saints' open coaching job? A closer look at New Orleans' imposing landscape
- CFP bracket prediction: SEC adds a fifth team to field while a Big Ten unbeaten falls out
- Prince's Sister Tyka Nelson Dead at 64
- 3-term Democrat Sherrod Brown tries to hold key US Senate seat in expensive race
- Competitive Virginia races could play a critical role in the battle for Congress
- MLS Star Marco Angulo Dead at 22 One Month After Car Crash
- Salma Hayek reimagines 'Like Water for Chocolate' in new 'complex,' 'sensual' HBO series
Ranking
- John Krasinski named People magazine’s 2024 Sexiest Man Alive
- Control of Congress is at stake and with it a president’s agenda
- Bernie Marcus, The Home Depot co-founder and billionaire philanthropist, dies at 95
- Texas border districts are again in the thick of the fight for House control
- Here's what 3 toys were inducted into the National Toy Hall of Fame this year
- A pivotal Nevada Senate race is unusually quiet for the battleground state
- South Carolina forward Ashlyn Watkins has charges against her dismissed
- Massachusetts voters weigh ballot issues on union rights, wages and psychedelics
Recommendation
-
Halle Berry Rocks Sheer Dress She Wore to 2002 Oscars 22 Years Later
-
US Rep. Lauren Boebert will find out whether switching races worked in Colorado
-
Florida Sen. Rick Scott seeks reelection with an eye toward top GOP leadership post
-
Lopsided fight to fill Feinstein’s Senate seat in liberal California favors Democrat Schiff
-
Investigation into Chinese hacking reveals ‘broad and significant’ spying effort, FBI says
-
Fantasy football waiver wire: 10 players to add for NFL Week 10
-
Missouri voters to decide whether to legalize abortion in a state with a near-total ban
-
Democrat Matt Meyer and Republican Michael Ramone square off in Delaware’s gubernatorial contest